TaxTMI 
TaxTMI 
2007 (8) TMI 295
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....n this appeal by the assessee under section 260A of the Income-tax Act,1961 (for short "the Act"), the order dated July 29, 2005, of the Income-tax Appellate Tribunal, Delhi Bench "E", New Delhi (hereinafter referred to as "the Tribunal"), passed in I. T. A. No. 3835/Delhi/2003 relating to the assessment year 1996-97 has been challenged. The assessee has claimed that the following substantial question of law arises for consideration of this court: "Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal is right in law in disallowing the exemption under section 54B regarding capital gain investment in the name of assessee's son and grandson?" 4. Briefly, the facts are that on December 8, 2000, the Assess....
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....tion in the said section which restricts that the land should be purchased in the name of the assessee himself. According to learned counsel, the assessee has purchased the land in his son and grandsons' name and the same would be entitled to exemption under section 54B of the Act. Learned counsel placed reliance upon the judgment of the Madras High Court in CIT v. V. Natarajan [2006] 287 ITR 271, to submit that where on the sale of residential house, the assessee had purchased house for residence within the stipulated period though it was in his wife's name, yet the assessee was held entitled to exemption under section 54 of the Act. 6. We have heard learned counsel for the appellant and with his assistance have perused the record. 7....
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....period of three years of its purchase, the cost shall be nil; or (ii) if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain shall not be charged under section 45; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase, the cost shall be reduced by the amount of the capital gain. (2) The amount of the capital gain which is not utilised by the assessee for the purchase of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return such deposit being made in any case not later than the due date applicable in the case....
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....s in the two years immediately preceding the date of the transfer, and (iii) the assessee has within a period of two years after the date of the transfer, purchased any other land for being used for agricultural purposes. 10. In interpreting the words contained in a statute, the court has not only to look at the words but also to look at the context and the object of such words relating to such matter and interpret the meaning intended to be conveyed by the use of the words under the circumstances. The word "assessee" occurring in section 54B must be interpreted in such a manner as to accord with the context and subject of its usage. A reading of section 54B of the Act nowhere suggests that the Legislature inte....